True Gentlemen's Jerky, Inc. v. 1K1V TGJ Holdings, LLC

I. BACKGROUND

A. 1K1V TGJ’S INVESTMENT IN TRUE

24 True is a startup company that sell meat snacks, including beef jerky and biltong. 25 Compl. ¶ 12, Dkt. 1, Ex. A. 1K1V TGJ is owned and controlled by OTOV, a private equity 26 fund based in South Africa. Id. ¶ 15. OTOV is run by Jordaan and operates through 27 various corporate entities, including 1K1V TGJ and 1K1V Stormberg. Id. ¶¶ 15-16. In September 2017, 1K1V TGJ made a seed-capital investment of $900,000 in True. Id. ¶ 19. Over the next two years, 1KIV TGJ made three additional investments to fund True’s growth, bringing its total investment to $3 million. Id. ¶ 20. By virtue of its investments, 1K1V TGJ was given the right to appoint one of the five members on True’s Board of Directors. Id. ¶ 32. It appointed Dave Evans (“Evans”), CEO of BOS Brands, a South African iced tea company. Id. True alleges, on information and belief, that Defendants selected Evans because they believed he would elevate 1K1V TGJ’s interests over True’s interests. Id. ¶ 33. The other four board members consist of True’s CEO, Jess Thomas (“Thomas”), and three individuals designated by him. Id. ¶…